wmlro.com: What the "investment adviser" didn't say
"Give me your money and I'll spend it." Phillip D'Hedouville worked for a series of companies that managed funds for the retired. But he didn't do what he said he would do.
D'Hedouville had a very simple scam: tell his victims he would invest their money for them and get a decent return.
But he did nothing of the sort: he just spent the money, and didn't even put it through the books of the companies he was working with.
Yesterday he pleaded guilty to wire fraud and money laundering.
Prosecutors say he stole more than USD1.2 million which he spent on property and lifestyle.
D'Hedouville lived in Galloway, New York but "worked" in New Jersey.
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